Examlex
Regarding teenagers and sleep, which of the following statements is FALSE?
Inferior Good
A type of good for which demand decreases when the income of the consumer increases, inversely related to normal goods.
Income Effect
The change in an individual's or economy's income and how that change will affect the quantity demanded of a good or service.
Substitution Effect
Refers to the change in consumption patterns due to a change in the relative prices of goods, holding the consumer's utility constant.
Consumption Bundle
A collection of goods or services that an individual or household consumes within a given period.
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